BFZ: 10% Owner Saba Capital Sells 21,180 Shares at $10.56

BlackRock California Municipal Income Trust (BFZ) – Insider Transaction.

Rhea-AI Filing Summary

BlackRock California Municipal Income Trust (BFZ) – Insider Transaction. A Form 4 filed 21-Jul-2025 shows 10% owner Saba Capital Management, L.P., together with its principal Boaz Weinstein, sold 21,180 common shares of BFZ on 18-Jul-2025 at $10.56 per share.

The transaction reduced Saba’s indirect position from 4,542,761 to 4,521,581 shares, a decline of roughly 0.47 % of its reported holdings. No derivative securities were involved and no additional purchases or sales were disclosed.

Because Saba remains well above the 10 % ownership threshold, the filing signals only a minor trimming rather than a strategic exit. Investors may view the sale as routine portfolio rebalancing; however, any continued selling by such a large holder could increase free float and apply modest downward pressure on BFZ’s market price.

Positive

• Saba Capital still holds 4.52 million shares, maintaining significant insider alignment with shareholders.

Negative

• Insider selling: 21,180 shares disposed at $10.56 by a 10 % owner could signal reduced conviction if sales continue.

Insights

Portfolio Manager

TL;DR: Small trim by 10 % holder; signal is mildly negative but not thesis-changing.

Saba’s 21k-share sale is immaterial versus its 4.5 M-share stake and represents less than half a percent of ownership. There is no evidence of broad distribution or strategic shift, and pricing was within recent NAV ranges, indicating opportunistic liquidity rather than distress. Given BFZ’s closed-end fund structure, the move has limited impact on underlying NAV but could widen the market discount if selling persists. Overall, I classify the event as neutral, with a watch flag for additional filings.

Insider Trade Summary

Net Seller: 21,180 shares

Net Sell 1 txn

Insider Saba Capital Management, L.P., Weinstein Boaz

Role 10% Owner | 10% Owner

Sold 21,180 shs ($224K)

Type	Security	Shares	Price	Value
Sale	Common Stock	21,180	$10.56	$224K

Holdings After Transaction: Common Stock — 4,521,581 shares (Indirect, -)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BFZ shares did Saba Capital sell?

21,180 shares on 18-Jul-2025.

What price did the insider receive for BFZ shares?

The reported sale price was $10.56 per share.

How many BFZ shares does Saba Capital own after the sale?

Post-transaction indirect ownership is 4,521,581 shares.

Does Saba Capital remain a 10 % owner of BFZ after this transaction?

Yes. Despite the sale, its holding still exceeds the 10 % reporting threshold.

Is this Form 4 filing considered material to BFZ investors?

The sale is relatively small (≈0.47 % of Saba’s stake); impact is modest unless additional sales follow.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/21/2025 - 11:17 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST [ BFZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/18/2025		S		21,180	D	$10.56	4,521,581	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	07/21/2025
	Boaz Weinstein	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.